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PCC clears Raslag's first international venture for wind, battery energy storage investments

Business | The Stock Market

PCC clears Raslag's first international venture for wind, battery energy storage investments

By Gabriell Christel Galang

Local renewable energy (RE) firm Raslag Corp. announced that it is set to pursue its stake with Verdant Philippines Alpha Pte. Ltd. in Philippine Hybrid Energy Systems Inc. (PHESI) and PHESI Holdings Corp. (PHC).

In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, Oct. 29, the company said antitrust watchdog Philippine Competition Commission (PCC) had greenlit Raslag’s first international joint venture (JV) to acquire shares in the two RE developers.

Raslag will have a 60-percent ownership in PHC, while Verdant will take the remaining 40 percent.

PHESI is an RE developer that manages two wind farms in Puerto Galera, as well as a battery energy storage system (BESS).

In May, Raslag said that this acquisition would enable the venture to operate and optimize a 16-megawatt (MW) wind farm in Puerto Galera supported by a seven-MW BESS.

This collaboration would also be a new milestone for Raslag, as it would be the company’s first investment beyond its solar projects.

Beyond this approved acquisition, Raslag has recently tapped Greencity Energy Philippines Inc. (GCE) as its engineering partner for the 100-MW alternating current (MWac) solar power and BESS project in Sta. Rosa, Nueva Ecija. This facility is set for completion in 2027.

The company currently has about 77.8 MW of installed capacity and will expand to 140 MW once its two other projects in Pampanga are completed.

Raslag has four solar projects that are included in the feed-in tariff (FIT) scheme of the Department of Energy (DOE), while two of its other merchant plants are part of the Wholesale Electricity Spot Market (WESM).

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